Two former Parramatta Eels players are accused of harbouring semi-automatic weapons and possessing more than half-a-million dollars in cash after dramatic arrests in Sydney's Centennial Park yesterday.

Mr Frydenberg was responding to what he described as a "human tragedy" in Brazil, where two collection dams broke at an iron ore mine part-owned by Australia-based BHP Billiton, flattening the village of Bento Rodrigues and killing eight people.

"It's vital at a time of increased pressure on the budget bottom line for energy and mining companies, that they continue to adhere to the highest standards of safety and environmental standards," he told reporters in Melbourne on Friday.

Mr Frydenberg intends to speak to BHP chief Andrew Mackenzie on his return from visiting the accident site in Brazil.

"As well I'm reaching out to my Brazilian counterpart to express our deepest sympathies," he said.

"This is a human tragedy, and we deeply regret the loss of life."

Labor's resources spokesman Gary Gray labelled the disaster "terrible", but said he was really pleased to see the way BHP had responded.